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8 financial tips to know in the first week of your arrival

The expat's guide to personal finance in Singapore

The details of expat packages depend on the company.

Some of expats need to find a place to stay setting up a bank account by themselves, while others might have their employers' help for these hassles.

MoneySmart blog introduces the financial tips for new expats moving to Singapore, and this might be interesting to those who are new to Singapore as well as to those having been here for many years.

1) Rental property
The 3 main types of property you can rent are:
- HDB flat ... The cheapest option among all properties. If you are on a budget, sharing an HDB room is to be considered. You can save more if you choose the HDB common room.

- Condo ... More expensive than renting an HDB flat, but it offer luxury facilities such as swimming pools, gyms, tennis courts. Newer condos seem to have smaller bedrooms.

- House ... The most expensive option, but if you are here with the entire family, you may want to consider. Usually houses tend to be located far away from MRT stations.

2) Bank accounts
The local banks (POSB, DBS, OCBC and UOB) are recommended as there are plenty of ATM for these banks here.

3) Credit cards
You may want to consider linking the payment directly from your bank account. Many people happen to forget about the payment before the due date and being slapped with a late payment charge.

4) Overseas expenses
UOB Visa Signature Card offers up to 5% rebate on overseas spending (T&C applies). You should get one if you buy a lot of stuff overseas.

5) Flight mileage
ANZ Travel Visa Signature Card is very popular to Aussie expats as they can benefit most from it. If you fly often, then sign up for a credit card that lets you accumulate frequent flyer miles.

6) Cash back
The American Express True Cashback card gives you 1.5% cash back on everything you spend. Choose the most beneficial credit card which is suitable for your lifestyle.

7) Mobile data plan
There are 3 telcos in Singapore, and they have 2-year plan offerring the cheaper package.
So if you are staying here more than 2 years, you may want to consider the contract. In case you have to leave before 2-year plan is over, you still can transfer it to someone else when you leave. A prepaid plan would be cheaper if you do not need to make calls a lot.

8) Internet service
You can choose from service providers like SingNet, M1, StarHub, MyRepublic and ViewQwest, which all provide broadband and superfast fibre-optic connections. If you are going to share a room, you can ask if wifi is provided for free, i.e. included in the utilities bill.